According to the U.S. Bureau of Labor Statistics, prices for fresh whole milk are 70.34% higher in 2024 versus 1998 (a $14.07 difference in value).
Between 1998 and 2024: Fresh whole milk experienced an average inflation rate of 2.07% per year. This rate of change indicates significant inflation. In other words, fresh whole milk costing $20 in the year 1998 would cost $34.07 in 2024 for an equivalent purchase. Compared to the overall inflation rate of 2.55% during this same period, inflation for fresh whole milk was lower.
In the year 1998: Pricing changed by 3.53%, which is above the average yearly change for fresh whole milk during the 1998-2024 time period. Compared to inflation for all items in 1998 (1.55%), inflation for fresh whole milk was higher.
Below are calculations of equivalent buying power for Fresh whole milk, over time, for $20 beginning in 1998. Each of the amounts below is equivalent in terms of what it could buy at the time:
| Year | USD Value | Inflation Rate |
|---|---|---|
| 1998 | $20.00 | 3.53% |
| 1999 | $21.12 | 5.61% |
| 2000 | $21.22 | 0.45% |
| 2001 | $22.43 | 5.70% |
| 2002 | $21.92 | -2.26% |
| 2003 | $21.97 | 0.22% |
| 2004 | $24.79 | 12.85% |
| 2005 | $25.00 | 0.85% |
| 2006 | $24.55 | -1.81% |
| 2007 | $27.77 | 13.11% |
| 2008 | $29.37 | 5.76% |
| 2009 | $24.77 | -15.68% |
| 2010 | $25.85 | 4.37% |
| 2011 | $28.33 | 9.60% |
| 2012 | $28.56 | 0.83% |
| 2013 | $29.03 | 1.62% |
| 2014 | $30.79 | 6.08% |
| 2015 | $28.81 | -6.44% |
| 2016 | $27.46 | -4.67% |
| 2017 | $27.17 | -1.06% |
| 2018 | $26.45 | -2.65% |
| 2019 | $27.11 | 2.48% |
| 2020 | $28.75 | 6.05% |
| 2021 | $30.20 | 5.06% |
| 2022 | $34.41 | 13.94% |
| 2023 | $34.15 | -0.75% |
| 2024 | $34.07 | -0.25%* |
* Not final. See inflation summary for latest details.
** Extended periods of 0% inflation usually indicate incomplete underlying data. This can manifest as a sharp increase in inflation later on.
Raw Consumer Price Index data from U.S. Bureau of Labor Statistics for Fresh whole milk:
| Year | 1939 | 1940 | 1941 | 1942 | 1943 | 1944 | 1945 | 1946 | 1947 | 1948 | 1949 | 1950 | 1951 | 1952 | 1953 | 1954 | 1955 | 1956 | 1957 | 1958 | 1959 | 1960 | 1961 | 1962 | 1963 | 1964 | 1965 | 1966 | 1967 | 1968 | 1969 | 1970 | 1971 | 1972 | 1973 | 1974 | 1975 | 1976 | 1977 | 1978 | 1979 | 1980 | 1981 | 1982 | 1983 | 1984 | 1985 | 1986 | 1987 | 1988 | 1989 | 1990 | 1991 | 1992 | 1993 | 1994 | 1995 | 1996 | 1997 | 1998 | 1999 | 2000 | 2001 | 2002 | 2003 | 2004 | 2005 | 2006 | 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 |
| CPI | 18.538 | 19.115 | 20.846 | 22.515 | 23.854 | 24.169 | 24.200 | 27.800 | 31.108 | 34.662 | 33.169 | 32.238 | 35.762 | 37.523 | 37.092 | 36.331 | 36.377 | 37.469 | 38.792 | 39.515 | 39.900 | 40.846 | 40.992 | 40.800 | 40.585 | 40.723 | 40.515 | 43.108 | 44.823 | 46.715 | 48.008 | 50.038 | 51.415 | 52.154 | 57.085 | 68.392 | 68.485 | 72.069 | 72.800 | 77.015 | 85.854 | 93.485 | 98.769 | 99.300 | 99.969 | 100.723 | 102.300 | 101.708 | 103.638 | 106.038 | 114.269 | 126.669 | 122.392 | 126.431 | 127.892 | 131.162 | 131.115 | 141.092 | 142.877 | 147.923 | 156.223 | 156.923 | 165.869 | 162.115 | 162.477 | 183.362 | 184.923 | 181.585 | 205.397 | 217.220 | 183.170 | 191.173 | 209.530 | 211.266 | 214.683 | 227.740 | 213.082 | 203.133 | 200.974 | 195.638 | 200.491 | 212.621 | 223.383 | 254.519 | 252.607 | 251.979 |